18,813 Shares in ServiceNow, Inc. (NYSE:NOW) Bought by Voloridge Investment Management LLC

Voloridge Investment Management LLC bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 18,813 shares of the information technology services provider’s stock, valued at approximately $19,944,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC increased its holdings in ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider’s stock valued at $874,258,000 after buying an additional 12,533 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of ServiceNow in the fourth quarter worth about $48,802,000. Dock Street Asset Management Inc. raised its stake in shares of ServiceNow by 3.4% in the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after buying an additional 1,105 shares during the period. Rheos Capital Works Inc. bought a new position in shares of ServiceNow in the fourth quarter worth about $10,071,000. Finally, FMR LLC raised its stake in shares of ServiceNow by 4.9% in the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after buying an additional 272,506 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In other news, General Counsel Russell S. Elmer sold 62 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the completion of the sale, the general counsel now owns 4,332 shares in the company, valued at approximately $4,431,636. This trade represents a 1.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Deborah Black sold 598 shares of the firm’s stock in a transaction dated Friday, April 25th. The stock was sold at an average price of $940.23, for a total transaction of $562,257.54. Following the completion of the sale, the director now owns 428 shares of the company’s stock, valued at $402,418.44. This trade represents a 58.28% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,619 shares of company stock worth $5,230,568. 0.38% of the stock is currently owned by insiders.

ServiceNow Trading Up 0.1%

Shares of NOW stock opened at $1,015.74 on Friday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The stock’s 50 day simple moving average is $878.23 and its two-hundred day simple moving average is $975.16. The company has a market cap of $210.26 billion, a PE ratio of 148.72, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the prior year, the business posted $3.41 earnings per share. The company’s quarterly revenue was up 18.6% compared to the same quarter last year. Research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has initiated a share buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Piper Sandler decreased their price objective on ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Stifel Nicolaus lifted their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a “buy” rating in a research note on Tuesday, May 6th. Erste Group Bank upgraded shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. TD Securities restated a “buy” rating and set a $1,100.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $1,003.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,062.50.

ServiceNow Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.